Things to Consider
Although seen as a good idea to make extra money, renting a house out can be a challenging experience which can result in both good and bad outcomes depending on who you are renting too and how attentive you are to the property. Before starting to rent it is best if you consider these things:
- Expenses: If your mortgage is not yet paid off on the house you are renting out then it should come as no surprise that you will still need to pay the mortgage regardless of whether someone is renting from you or not. Besides, there are many more expenses that come with attempting to rent a house including advertising the available space, any maintenance, as well as any property management costs that can arise.
- Damages: No one will treat your house exactly like you treat yours, and sometimes this can lead to damages, whether intentional or accidental. Depending on the level of care the renters neglect the amount of things to repair or maintain may grow. For instance, carpeting may have to be change after a particularly messy renter, or an air conditioning unit may have to be serviced because the air filter never was changed and caused undue stress on the unit.
- Vacancies: The unfortunate reality of renting is sometimes the problem isn’t the renters but rather the lack of them. If you were relying on the rent from your property to make ends meet or fund a venture then you will be unpleasantly surprised if a renter simply decides to move out with no prior warning or simply refuses to pay rent for any reason. This can further compound problems if your states laws on eviction are particularly hard to work with as getting rid of a renter who is uncooperative.